江西江钨稀贵装备股份有限公司控股权变更及重大战略调整，投资者需重点关注

中信证券发布了对江西钨业控股集团有限公司免于发出要约收购江西江钨稀贵装备股份有限公司（原安源煤业）的2025年度持续督导意见报告，披露了多项关键事项，涉及公司控股权变更、主营业务转型、重大资产重组及后续资本运作等，对公司未来经营和股价存在重大影响，投资者需密切关注以下重点：

一、控股权变更及股份划转已完成

• 江西省能源集团有限公司将其持有的389,486,090股（占比39.34%）无偿划转至江西钨业控股集团有限公司（江钨控股）。
• 划转完成后，控股股东变更为江钨控股，实际控制人仍为江西省国资委，不涉及实际控制人变更。
• 该交易采用国有股无偿划转，符合相关法律规定，免于发出要约收购。

二、重大资产置换和主营业务转型

• 2025年4月，江钨控股拟将控股子公司江西江钨控股发展有限公司持有的赣州金环磁选科技装备股份有限公司（简称“金环磁选”）57%股份，与上市公司所持有的煤炭业务相关资产及负债进行置换。
• 该资产置换已于2025年8月全部完成交割，标志着上市公司主营业务由传统煤炭彻底转型为磁选装备和稀贵金属装备领域。
• 该项资产置换构成重大资产重组，属于A股市场重大变革，极有可能对公司估值体系和市场表现产生实质影响。

三、后续资本运作与再融资计划

• 2026年2月，公司公告拟向不超过35名特定对象（含江钨控股）非公开发行A股，计划募集不超过18.82亿元人民币。
• 本次募集资金将用于收购江硬公司、华茂公司、九冶公司100%股权，预期新增钨制品、钽铌制品研发、生产与销售等主营业务板块。
• 此次再融资及并购预计将进一步拓展公司产业链，提升盈利能力和市场竞争力，属于极为重大的战略举措。

四、公司治理及承诺事项

• 江钨控股承诺保持上市公司资产、人员、财务、机构及业务五大独立性，不占用上市公司资金，不损害中小股东利益。
• 承诺避免同业竞争、规范关联交易，承诺内容在持续有效期内严格执行，未见违规情形。
• 公司治理结构规范，董事会、监事会及高级管理层调整均按规定履行程序，未发现重大治理缺陷。

五、其他影响股价的敏感事项

• 2025年公司名称、经营范围、章程条款均有调整，已履行法定程序并公告。
• 公司组织架构调整，优化为综合办公室、证券事务部、财务部、审计风控部等，提升管理效率。
• 上市公司未发现为控股股东及关联方违规提供担保或借款。
• 未对分红政策作重大调整。

六、投资者关注要点与潜在股价影响

本次控股权变更、重大资产置换及主营业务转型，再加上后续大额定增与并购整合，使江西江钨稀贵装备股份有限公司彻底完成从传统煤炭企业向高端稀贵装备企业的转型升级。这一系列举措极有可能大幅提升公司估值水平，吸引产业及资本市场的高度关注，对股价走势具有重大指引和推动作用。

投资者需重点关注：

• 重大资产重组带来的业绩弹性及估值方式变化
• 新主营业务的市场表现、行业前景及盈利能力
• 后续定增计划及资本运作对公司股本结构和控股权稳定的影响
• 公司治理、承诺履行及关联交易的规范性

免责声明：
本文内容仅供投资者参考，不构成任何投资建议。资本市场有风险，投资需谨慎。请投资者密切关注公司公告及相关信息披露，做出独立判断。

English Version:

Key Developments in Jiangxi Tungsten Rare & Precious Equipment Co., Ltd.: Shareholding Change, Major Asset Restructuring, and Strategic Transformation

CITIC Securities has released its 2025 annual ongoing supervision opinion regarding Jiangxi Tungsten Holdings Group Co., Ltd.’s exemption from making a tender offer for Jiangxi Tungsten Rare & Precious Equipment Co., Ltd. (formerly Anyuan Coal), revealing several major events. These include changes in controlling shareholder, business transformation, major asset restructuring, and subsequent capital operations, all of which may significantly impact the company’s operations and share price. Investors should pay close attention to the following:

1. Change of Controlling Shareholder and Share Transfer Completed

• Jiangxi Energy Group transferred its entire 389,486,090 shares (39.34% of total share capital) to Jiangxi Tungsten Holdings (JTHG) for free.
• After the transfer, JTHG became the controlling shareholder, with the actual controller remaining Jiangxi SASAC.
• This state-owned equity transfer was carried out in compliance with laws, exempting JTHG from making a tender offer.

2. Major Asset Swap and Strategic Business Transformation

• In April 2025, JTHG proposed to swap 57% of Ganzhou Jinhuan Magnetic Separation Technology Equipment Co., Ltd. (“Jinhuan Magnetic”) with the listed company’s coal-related assets and liabilities.
• The swap was fully completed by August 2025, marking a strategic business transition from coal to the magnetic separation equipment and rare & precious metals equipment sector.
• This major asset restructuring is expected to fundamentally change the company’s valuation and market perception.

3. Follow-up Capital Operations and Fundraising

• In February 2026, the company announced a non-public A-share issuance to no more than 35 specific investors (including JTHG), aiming to raise up to RMB 1.882 billion.
• Proceeds will be used to acquire 100% equity in Jiangyin Company, Huamao Company, and Jiuye Company, adding tungsten and tantalum-niobium products R&D, manufacturing, and sales to the main business.
• This secondary offering and M&A is expected to further enhance the company’s industry chain, profitability, and market competitiveness.

4. Corporate Governance and Commitments

• JTHG has pledged to maintain the company’s independence in five areas (assets, personnel, finance, organization, business), avoid fund occupation, and protect minority shareholders’ interests.
• It also committed to avoiding competition, regulating related-party transactions, and has complied with these pledges so far.
• Corporate governance remains sound, with all board and management changes following due process.

5. Other Price-Sensitive Matters

• Company name, business scope, and bylaw amendments were all properly approved and disclosed in 2025.
• Organizational structure was optimized to four key departments to boost management efficiency.
• No illegal guarantees or loans to controlling shareholders or related parties were found.
• No major changes in dividend policy occurred.

6. Key Points for Investors and Potential Share Price Impact

The completion of controlling stake transfer, major asset swap, business transformation, and the proposed large-scale share placement and M&A mark the company’s full-scale shift from traditional coal to high-end equipment for rare and precious metals. These moves are likely to significantly enhance the company’s valuation and attract market attention, with substantial implications for share price performance.

Investors should focus on:

• Performance and valuation changes from the major asset restructuring
• Market prospects and profitability of the new main business
• Impact of the upcoming share placement and capital operations on equity structure and control stability
• Ongoing compliance in corporate governance and related-party transactions

Disclaimer:
This article is for informational purposes only and does not constitute investment advice. The capital market carries risks; investors should make independent judgments based on official company disclosures.

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